Norwich-based independent furniture business Warings Furniture has posted a consecutive growth in turnover, whilst overseeing various client furniture rebrand projects seeing profit slightly fall.
According to its latest filed accounts for the year ended 31 December 2015, total sales exceeded the £9m mark to £9.5m from £8.4m in 2014, representing an increase of 12%. Gross profit remained static at £1.4m.
Pre-tax profit for year resulted in £496,103, 4% down from its profit of £518,623 last year as client rebrands during the period had a ‘negative impact’ on net profitability over the first few months of rollout, although due to the company growing its client list it expects further growth in both turnover and profit in 2016.
The company said that stockholding in 2015 had to increase due to the rebranding requirements for its largest client, but indicated that it was temporary move and expects to return to previous years levels during the following year.
Looking ahead, Warings, which specialises within the contract sector - mainly in the hospitality industry, revealed that it plans to invest in its metalwork capability, whilst also confirming that it will launch new exclusive designs and to introduce a new graduate learning scheme.